Reducing Innovation Risk and Maximising ROI

Reducing Innovation Risk and Maximising ROI

Today s Presentation Innovation 101 Return on Innovation Investment (ROII) Building and integrated innovation system

Monitoring & Impact Assessments Smarter Innovation Solutions ROII (return on innovation investment) Skills & Experience Effective Planning Unique Ideas = + + + Effective Implementation Innovation Systems & Outcomes Corporates NFP Government Executive training Intrapreneur training Innovation Mgr support Policy & programs Governance Strategy & plans Outcome measurement Challenge identification Idea identification/ ideation Stakeholder engagement Idea feasibility Research mgt Ideas to market Ideas to assets Commercialisation Start-ups Research centres Investors Start-up founder support Pitch preparation Researcher training Investor support Strategy Business plans Information memoranda IP due diligence Patent landscape analysis Patentability assessment Business model validation Prototyping Licensee engagement Start-up formation & management

Innovation: What is it? Idea the result of thoughts grouped together Invention never-been-done-before manifestations of ideas that change how we do things and usually translate into functional objects Innovation identifying ideas, and their implementation, to improve something that already exists or to use it for another valuable purpose

Innovation: What does it effect? Innovate to differentiate Innovative ideas that improve business PROFITABILITY. Innovate to grow Innovative ideas that can grow business in VOLUME.

Innovation: When to do it? NOW Best Practice Innovators and Modifiers 16% 34% 34% 16% 6

Innovation: When to do it? NOW 2 YEARS Best Practice Innovators and Modifiers 7

Innovation: Where to focus? 8

Innovation: Why do it? Return Investment R O I I On Innovation 9

Innovation: How should it be done? Leadership and Governance Idea Curation Stakeholder Engagement Idea Identification Outcomes Gambling? System? 10

Meet Erik About Me Senior Manager in the Department of Environment Experience in making stuff happen Loves working with new things Loves start-up companies Have attended a couple of short courses 11

Innovation Process Discover Ideas 12

Discussion about the Potential 13

Success 14

Implementation Outcomes 2 ideas implemented ($25,000) - Coms platform - Drones for monitoring - Only 20% of staff use platform - Drone images not good enough Idea Identification $40,000 on ideation workshops generating 400 ideas Identification + Implementation 200 person days used ($100,000) Other Benefits - Staff enjoyed the workshops - Management felt innovative ROII - Erik Investment: $165,000 Returns: $xxxx 15

Meet Erik About Me Senior Manager in the Department of Environment Experience in making stuff happen Loves working with new things Loves start-up companies Have attended a couple of short courses 16

Meet Jane About Me Senior Manager in the Department of Environment Experience in making stuff happen Loves start-up companies Have attended a couple of short courses Love working with new things UNDERSTANDS THE IMPORTANCE OF IMPLEMENTATION & OUTCOMES 17

It takes time to build Early Stage Mid Stage Mature Getting strategies and plans in place. Getting early outcomes that add value. System delivering outcomes that align with corporate strategy. 18

Innovation System Elements Leadership and Governance 1 Idea Identification 2 Idea Curation (POC) 3 Stakeholder Engagement 4 Outcomes 5 19

Building an Innovation System Score 3 Leadership and Governance Innovation incorporated in organisational strategy Innovation plan details activities and resource allocation, to support the organisational strategy. Innovation plan revised annually to improve outcomes based on measured data. Innovation success measures included in performance agreements/kpis for senior staff. 20

Building an Innovation System Score 3 Idea Identification Clear communication about types of ideas sought and why Use innovation management software for idea collection, assessment and management. 4+ structured innovation activities each year. Ideas collected from internal and external sources, e.g. research centres, other industries. 21

Building an Innovation System Score 4 Idea Curation Staff understand what is required to submit an idea for assessment. Allocated financial resources for proof-ofconcept/idea development activities. Well-defined and tested assessment process at stage-gate decision point. Actively collaborate (e.g. other organisations, startups, universities, etc) for proof-of-concept activities. 22

Building an Innovation System Score 3 Stakeholder Engagement Communicate innovation program to entire organisation, via multiple channels. All staff are aware of the innovation program and innovation team. 60% + staff actively involved. External stakeholders actively feed ideas into the organisation. 23

Building an Innovation System Score 3 Outcomes Staff understand how innovation success is measured. Success criteria clearly defined and progress reported quarterly to senior management. Regularly review, update and report on success to ensure alignment with organisational priorities. Minimum 3 x return on dollars invested. 24

Comparison Investment Yr 1 $115,000 Outcomes $xxxx VS Investment Yr 1 $250,000 Outcomes $xxxx 16 metrics out of 20 Leadership and Governance Idea Identification Idea Curation Stakeholder Engagement Outcomes 25

Today s Innovation To-Do List Innovation Integration Status 10 mins online Automatic report Innovation with Impact Blog How to Thought leadership Impact Innovation on YouTube Webinar recordings Short single topic videos www.impactinnovationgroup.com 26

For a detailed innovation assessment www.impactinnovationgroup.com/resources info@impactinnovationgroup.com 27

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